Mexicana de Aviación chief executive Manuel Borja has confirmed the stricken airline will require an immediate investment of between $100 million and $150 million.
The funds would allow the airline to keep flying, following deals with staff to reduced pay in exchange for a stake in the company.
Yesterday cabin crew at the airline agreed to suspended pay for two months in order to assist the airline as it battles bankruptcy.
A deal now appears to have been reached with pilots.
In a statement Mexicana stated pilots and flight attendants had agreed to take a stake in the company in exchange for new labour terms “that would support the viability of the company through efficient costs and a rethinking of collective labour agreements”.
The airline refused to spell out details of those terms.
“Because of financial fragility and cash flow problems, time is a decisive factor in the future and the continuity of the company,” Mexicana added.
The airline had been seeking pay cuts of around 40 per cent, while redundancies running to thousands of employees had also been mooted.
Labour leaders had earlier rejected proposal, saying members took pay cuts in 2006.
Mexico’s largest airline filed for bankruptcy protection in Mexico and the United States on last week while it seeks to restructure its costs.
The airline subsequently stopped selling tickets and then suspended some flights.
However, services from Gatwick have now resumed.
Along with many airlines Mexicana has been hard hit by the global economic slowdown, with financial troubles compounded by an outbreak of swine flu in Mexico in April 2009.
Mexicana flies to more than 65 national and international destinations, including the United States, Canada, Central America, South America and Europe.
It transported 11.1 million passengers in 2009.